More automobile owners are falling behind on their payments, and a Consumer Financial Protection Bureau report highlights issues with lenders illegally repossessing cars, even after timely payments.
The bureau's review found lenders adding costs for products borrowers did not agree to, with examiners routinely discovering significant problems in auto financing practices.
Rohit Chopra, director of the Consumer Financial Protection Bureau, emphasized that the bureau will take action against auto-finance companies charging for nonexistent services or unlawfully repossessing cars.
The American Financial Services Association criticized the bureau's approach, arguing that it incorrectly portrays errors made by lenders as malicious or intentional, thus undermining good faith efforts.
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